I started an LLC in February last year to start building credit lines to eventually have lines large enough to take some good business opportunities as they come along. I started with a business AMEX as that was easier to get with the personal profile I have with them. I built a good reputation with them again after being blacklisted for about a decade. So my initial Business Blue Cash card I beleive was 3k, then CLI to about 5-7k, now up to 15k. I also took their offer for 30k points by opening a bus checking account with 5k in deposit in January.
I was also working on new accounts with PNC, first a bank account and then 9 months later a credit card 17.5k, and U.S. Bank with a 3k credit card.
Amex sends me a letter today that I am pre-approved for a bus line of credit. From reading the boards here I felt good I could get something from 5-25k but I was holding out on any new accounts to get my scores up (750's-760's) into the 800's. Well the letter said I could pre-check the amount they would give me without a hard pull. So I check and I laughed when they came back with an amount of $115k with fixed interest rates quoted 3% for 6 month, 8% for 12 month.
Of course I was saying to myself, "ya but when I actually apply I will get much less and much more expensive". I know that many applications with Amex are SP and all but my first card were SP, so I decided it was worth the chance.
BOOM! 115k LOC Approved. No application fee, No prepayment penalties, no draw fees, no personal hard pull yet!
I had to connect my PNC account because that is where I put my transactions, not much just 10k or so in transactions in the past 4-5 months, but I did have a balance right now of 17k. I have sacrificed and pulled some money from a 401k loan for 1 year to show these balances in the business accounts. I will be paying that off now.
I didn't think I would get something this high for another 18 months or so after I built up other credit lines in the 25-50k range first. I did make an initial draw on the credit line for two reasons; first so PNC and other lenders can see that amount hit my account and second because I can't beleive it is true and I want to make use of it before they realize they were wrong.
So for me it has been a good day. I won't use this LOC much accept to build a better profile to get more lines. I know I will pay a little for interest to make use of the LOC, but I am willing to pay the price. At least it is not like some of the other high cost loans I see.
I will keep looking for a hard pull on my reports, but I haven't go a notification as of yet! I don't know if this reports to personal so i will always have to make sure I pay by statement date.
congrats on the approval.
Very nice thing to have at your disposal, congratulations on your Amex BLOC approval!
@fm92555 wrote:I started an LLC in February last year to start building credit lines to eventually have lines large enough to take some good business opportunities as they come along. I started with a business AMEX as that was easier to get with the personal profile I have with them. I built a good reputation with them again after being blacklisted for about a decade. So my initial Business Blue Cash card I beleive was 3k, then CLI to about 5-7k, now up to 15k. I also took their offer for 30k points by opening a bus checking account with 5k in deposit in January.
I was also working on new accounts with PNC, first a bank account and then 9 months later a credit card 17.5k, and U.S. Bank with a 3k credit card.
Amex sends me a letter today that I am pre-approved for a bus line of credit. From reading the boards here I felt good I could get something from 5-25k but I was holding out on any new accounts to get my scores up (750's-760's) into the 800's. Well the letter said I could pre-check the amount they would give me without a hard pull. So I check and I laughed when they came back with an amount of $115k with fixed interest rates quoted 3% for 6 month, 8% for 12 month.
Of course I was saying to myself, "ya but when I actually apply I will get much less and much more expensive". I know that many applications with Amex are SP and all but my first card were SP, so I decided it was worth the chance.
BOOM! 115k LOC Approved. No application fee, No prepayment penalties, no draw fees, no personal hard pull yet!
I had to connect my PNC account because that is where I put my transactions, not much just 10k or so in transactions in the past 4-5 months, but I did have a balance right now of 17k. I have sacrificed and pulled some money from a 401k loan for 1 year to show these balances in the business accounts. I will be paying that off now.
I didn't think I would get something this high for another 18 months or so after I built up other credit lines in the 25-50k range first. I did make an initial draw on the credit line for two reasons; first so PNC and other lenders can see that amount hit my account and second because I can't beleive it is true and I want to make use of it before they realize they were wrong.
So for me it has been a good day. I won't use this LOC much accept to build a better profile to get more lines. I know I will pay a little for interest to make use of the LOC, but I am willing to pay the price. At least it is not like some of the other high cost loans I see.
I will keep looking for a hard pull on my reports, but I haven't go a notification as of yet! I don't know if this reports to personal so i will always have to make sure I pay by statement date.
Wow. Congratulations. That is amazing.
I received those as well and I just brushed them off. I didn't beleive I was able to get a 25k loan yet.
I am going to see how the draw works when paying the LOC back after a week. I was looking online and other lines of credit by internet lenders are crazy expensive. My next attempt will be PNC as I beleive their credit line is $175 annual fee + interest costs. But I think I want to wait another 6 months and that will give me over 18 months in business.
I originally wanted back in with AMEX after the blacklisting just to know I could.
In the past couple years they have been very generous even though we had a rough past. To be honest, I will always be careful with them as I know they will cut your credit lines quick at the first sign of a problem. But now that I have had that experience I will cautiously use what they give me to the fullest.